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conversation with the president last week. i had a very nice conversation with harry reid, senator reid, the majority leader the week before. our members want us to have cuts and reforms that put us on a path to balance the budget over the next ten years. that's what we want and that's a tall order. it's going to mean real work on our entitlement programs, real work on other spending items in the budget. >> pelley: and to be clear no revenue increases. >> we're not -- the president got his tax hikes in january. the federal government will have more revenue this year than any year in our history. it's time to tackle spending. period. >> pelley: he's referring, of course, to last month's increase in top tax rates and the increase in the payroll tax. the automatic spending cuts that start on friday come to $85 billion this year and mr. obama had this to say in an appearance today in virginia at the newport news shipyard. >> when you're cutting $85 billion in seven months, there's no smart way to do that. you don't want to have to choose between, let's see, do i close funding for the disabl
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